State Bank of Vietnam devalues dong as dollar rises

state-bank-of-vietnam
The State Bank of Vietnam

The State Bank of Vietnam devalued the dong for the second time in seven months today, a move that may help make the country's exports as the dollar strengthens.

The central bank weakened its reference rate by 1% to 21,458 dong a dollar, effective today, from the previous 21,246 dong. Exchange rates for commercial banks are allowed to move within a 1% band around this rate.

The State Bank of Vietnam says the adjustment was made with "the aim of proactively regulating the market in accordance wit

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